NEWARK -- The New Jersey Performing Arts Center publicly unveiled plans for an ambitious high-rise building in Newark today.

For the fourth time.

Sharing the stage with Gov. Chris Christie and Newark Mayor Cory Booker, NJPAC officials showed off the latest design — and new name — of the estimated $190 million mixed-use high-rise to be built across Center Street from NJPAC in downtown Newark.

"This isn’t just housing in Newark. This is a gamechanger," said NJPAC president and CEO Lawrence P. Goldman. "The notion is to create a new center of gravity for the city and the state."

Renamed One Theatre Square, the project is a collaboration between NJPAC and Dranoff Properties. It has been heralded with similar exuberance since 2005, but as in past years, today’s event did not explain how the planners will pay for it.

The New Jersey Economic Development Authority approved $38 million in Urban Transit tax credits over 10 years, a commitment Goldman described as "a rocket booster." In addition to this state investment, Goldman said they will seek federal tax credits by designating 20 percent of the units as affordable housing. Bank loans, private investment and private contributions will also be part of the mix, he said.

Newark Deputy Mayor Stefan Pryor said the tax credits are the "necessary component that assures the rest of the investors that the project will work." In addition, at least three other government programs, including the federal affordable housing credits, could contribute another $30 million.

"Most of it will be privately funded," he said. "But a significant minority share will be contributed by or recruited by goverments."

The economic recovery of Newark has been a part of NJPAC’s mission since it opened in 1997. The nonprofit corporation has 12 acres surrounding Theatre Square, the grass and brick plaza that serves as its outdoor lobby. It plans to develop them into a vibrant neighborhood.

The proposed 44-story building is the first step. Rising 480 feet, the curvy glass tower designed by BLT Architects of Philadelphia will be the tallest building in the city. It features 328 residential units, a parking garage and retail space and inside, it will house a pool and spa, conference rooms and restaurants, a grand lobby and a 24/7 conceirge, according to Carl Dranoff, president of Dranoff Properties.

Booker would not say how much the city has commited to the project, though he reiterated that it has been a priority of his since he took office almost four years ago. The city’s newly created rental car tax, parking authority revenue and Urban Enterprise Zone grants are potential soures of funding.

"I pledge to you we will build this building," said Booker in a firey speech at the unveiling, held on the Prudential Hall stage. "We stand in a building they said couldn’t be built. I’m telling you now. Quiet on the set. Lights. Camera. Action. Let the show begin."

Dranoff was selected by NJPAC in 2008 after a two-year search. Goldman said the company’s track record for using the performing arts as a spring board for development, and its commitment to high-quality, made it the right choice. Dranoff Properities is responsible for building Symphony House in Philadelphia and converting the RCA Victor on the Camden Waterfront into luxury loft apartments.

"Our reputation is pretty strong for developing destination projects," said Dranoff, who said his company has finished every project it announced. "We have the playbook to make it successful,"

Dranoff said it will take about two years to complete the building once construction starts. And exactly when will that be?

NEWARK — Developers of a proposed high-rise luxury tower planned near the New Jersey Performing Arts Center still have not secured financing for the project, which they concede will be smaller than once envisaged.

Lawrence P. Goldman, former NJPAC CEO who leads the arts center’s redevelopment corporation, said the continuing economic slump has both delayed and forced a downsizing of One Theater Square. "We are considering a somewhat scaled-down project," Goldman, president of the NJPAC Development Corp., said. "It will still be a high-rise residential tower, but 20 to 25 stories. We’re not sure."

As proposed in 2010 by NJPAC and its partner, Dranoff Properties, the project would be a $190 million 44-story tower on a 1.2-acre parcel on NJPAC’s Newark campus. At the 2010 official announcement — held on NJPAC’s Prudential Hall stage and attended by Gov. Chris Christie and Mayor Cory Booker — One Theater Square was introduced as a "game-changer" for the city’s recovery. With a parking garage, retail space on street level, and 328 residential units, it would rise 480 feet, making it one of the city’s tallest structures. The curvy glass tower, designed by BLT Architects of Philadelphia, would house a pool, spa, conference rooms and a grand lobby.

That ambitious design differed from the original 28-story, 250-unit concept developed by NJPAC before Dranoff joined the effort. Dranoff was chosen as NJPAC’s partner for two primary reasons: his track record for arts-driven redevelopment and his reputation for high-quality products. Dranoff built Symphony House, the high-rise residential tower next to the Kimmel Center for the Performing Arts in Philadelphia, where his company is based. He also converted the RCA Victor factory on the Camden waterfront into luxury loft apartments. At that time, Carl Dranoff predicted construction would begin the next year.

Newark’s economic revitalization has been a part of NJPAC’s mission since it opened in 1997. The nonprofit has 12 acres surrounding the two theaters and outdoor square; additional arts spaces and non-arts buildings were always planned. The New Jersey Economic Development Authority had approved $38 million in Urban Transit Hub tax credits, but the developers subequently withdrew the project. Goldman said there is no new date for construction to begin, and no total pricetag. But he still believes it will happen.

"It’s a very difficult time to get residential real estate financing," Goldman said. "But the kind of thing we’re talking about would be unprecedented in Newark."

This is moving along slowly but surely. The current plan is to start with a first phase with the 22 story shortened tower. The site is currently occupied by an annex building for NJPAC, which serves as a extra ticketing office (appearing abandoned recently), and some of the parking for the adjacent hotel. Recent articles claim a start of construction in Early 2015. Thanks to a tax credit approved in late 2013, the project is almost 1/3 financed which should help with private financing.

According to Mayor Ras Baraka and several of his aides, the NJPAC Tower has full financing and will start within 30 days from when they said so, which was during a town hall style meeting on Economic Development that I attended last Wednesday at the NJPAC itself. That would place the start of work before March 13, 2015. They appeared to be completely confident that it would finally start by then. We'll see and I will keep you posted, but this has been in progress in one way or another since NJPAC was first built in the late 1990's. It was always supposed to be the centerpiece of a larger "Arts City."

It was specified as having 22 floors and 244 units. The design that will be used is the one in my post directly above.

This has been delayed AGAIN to a late May start, as confirmed by the CEO of NJPAC during a meeting with him with a college class. The police substation on site will be moved on May 27th to a new location, according to the cops in there, something that was supposed to happen 2 years ago. Hopefully this means work can start for real this time.

Fencing has been erected around a two-storey office building in Downtown Newark, New Jersey, signalling the impending demolition of the structure in order to accommodate the city's first residential highrise in 50 years. One Theater Square — developed by Philadelphia’s Dranoff Properties and the New Jersey Performing Arts Center (NJPAC) — will be sited along Center Street just across from the NJPAC.